Penny Stock Under Rs 4: Metal Stock Bags Export Orders Worth USD 5 Million

Small cap stock operating under metals & ferrous sector, Shah Metacorp Ltd on July 21, 2023 bagged export orders of approximately USD 5 million (nearly 40 crore) from Italy and several other European nations for the export of steel and alloys, as per its BSE filing. The stock hit new 52-week high on July 21, the day it bagged the order. However, the stock witnessed steep decline of 12.32% intraday today. Check details below:

Shah Metacorp Bags Export Orders: According to the regulatory filing of Shah Metacorp dated July 21, 2023, "We are pleased to inform you that Shah Metacorp Limited has currently received export orders of around US$ 5million (approximately INR 40 Crore) from Italy and other European country for the export of steels and alloys."

Shah Metacorp Ltd Stock Performance & Return: Last trading price of Shah Metacorp share is Rs 3.06 per share on BSE. Its 52-week high price is Rs 4.22 apiece and 52-week low price is Rs 1.90 per share, respectively. The company has a market capitalisation of Rs 101.38 crore.

Shah Metacorp To Consider & Allot Equity Shares To Non-Promoters: As per the BSE filing of the company dated July 23, "The Board meeting of the company is scheduled to be held on Wednesday 26th July, 2023 to consider and allot 4,95,00,000 Equity shares to Non promoters and 2,28,00,000 of convertible warrants into Equity Shares to Mrs. Mona Shah Promoter Director of Rs. 1/- each to be issued at a price not less than Rs. 3.24/- on a preferential basis."

Shah Metacorp About: It was incorporated on September 29, 1999 as a private limited company with the name Shreenath Mineral Metal Pvt Ltd. Initially, the company started their business with the trading of iron and steel scraps, billets and steel long products. They also traded mild steel products namely CTD Bars and TMT Bars. In June 21, 2004, the company changed their name from Shreenath Mineral Metal Pvt Ltd to Gyscoal Alloys Pvt Ltd, according to Trendlyne.

Disclaimer: The company bagged export orders worth USD 5 million and today shares declined over 12%. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.